The sanctions cause damage to their initiators, Russia's president believes

YAKUTSK, September 01. /ITAR-TASS/. The initiators of sanction wars are sustaining damage themselves from such policies but common sense will take the upper hand sooner or later, Russian President Vladimir Putin said on Monday.

“As for trade and economic restrictions, damage from this will eventually be borne primarily by those who are conducting such policies,” Putin said at a meeting with Chinese Vice-Premier Zhang Gaoli.

The meeting was held after Putin launched the construction of the Power of Siberia gas pipeline intended to pump natural gas to China under a $400 billion contract signed between Gazprom and China’s CNPC for a period of 30 years.

“I hope that common sense will take the upper hand and all of us will enter a normal regime of cooperation,” Putin said.

The Chinese vice-premier said he supported this position. “I want to stress that the Chinese side is categorically against US and western sanctions on Russia, against ‘color revolutions’ and against the attempts to restrain Russia’s development,” he said.

“We’ll do everything we can to provide all you need and our cooperation is expanding considerably, including trade in agricultural products,” the Chinese vice-premier said.

The USA, EU, Canada and Australia have introduced sanctions against Russia over its involvement in the Ukrainian crisis. Infographics by ITAR-TASS

Following Crimea’s accession to Russia and subsequent deterioration of the situation in Ukraine, Western countries imposed sanctions on Russia. A series of targeted sanctions against a number of Russian officials and businessmen were followed by a package of sectoral sanctions that included a ban on exports of arms and dual use technologies, and restrictions in the financial sphere. These sanctions forced Moscow to take countermeasures and ban exports of a wide range of foods from countries that had imposed sanctions against it.

A recent summit of the European Union gave the European Commission a week to elaborate extra sanctions against Russia. On Monday, Australian Prime Minister Tony Abbott announced his country’s plans to impose additional sanctions on Russia. He said these extra sanctions would include restrictions on exports of armaments, on access of Russian state-owned banks to Australia’s markets of capital, measures to prevent exports of goods and services used in intelligence activities and in oil production in Russia, and restrictions in trade and investments in Crimea.